Virtual cryptocurrency concept on laptop
Virtual cryptocurrency concept on laptop

Cybersecurity Essentials for Using Cryptocurrency in Online Casino Transactions

Cryptocurrencies and blockchain technology are a topic, which steals the limelight, especially when online gambling is concerned. Although the full scale of use of digital currencies remains unknown, figures indicate that while the number of cryptocurrencies was just 66 back in 2013, in July 2021, their number exceeds 6.000, which is a severe increase.

Still, it turns out that the 20 top digital currencies account for approximately 90% of the market, and contrary to what many players might consider, Bitcoin is now not the most traded cryptocurrency. Interestingly enough, based on the trading volume, Tether is the one to take the lead, and it is followed by Bitcoin and Ethereum, with the first two being the only ones that made it to $100 billion.

Cryptocurrencies’ popularity is growing for a reason, all the more so when online gambling is concerned, and players prefer using them because of their efficiency, security, lightning-fast transactions, and the anonymity they offer. Read ahead to find out which the essentials for using cryptocurrencies while playing online are.

Picking a crypto-oriented online casino

Before all else, players should make sure that they are fully aware of what they are taking themselves into with cryptocurrencies. In order for players to ensure that their betting session will be a walk in the park, they should first come to grips with the way cryptocurrencies work, and of course, weigh their pros and cons to determine if they will work well for them.

One of the first things players should consider before they go ahead with their betting session using cryptocurrencies is whether the chosen virtual casino is in good standing. Before they register for an account, gambling enthusiasts should always take their time to investigate the reputation of the operator, and one of the best ways to do so is to check the feedback from existing users.

By the same token, gambling enthusiasts should always make sure that the company, which manages the preferred online casino is credible and reliable and that all necessary protection measures are in place.

While looking for a crypto-friendly online casino, gambling enthusiasts should decide if they prefer using a hybrid platform or a crypto-only one. With the first type of interactive casinos, their cashier works with fiat and cryptocurrencies, while in the second case, players can rely on crypto-only transactions.

Avoid using Wi-Fi

No matter if you are about to start playing at a crypto-only or a regular online casino, it is advisable to avoid using public Wi-Fi. Using such public networks can make players much more exposed to fraudsters as gaining access to their sensitive information will be significantly less challenging.

Using a VPN is something players should consider doing in order to stay safe, as using such a service will make it possible to hide their IP address and their current location.

The significance of the chosen crypto wallet

As likely as not, you are already aware that it is possible to cash out the cryptocurrencies you have from the used exchange and move them to a wallet, which is not the case with stocks, for example.

There are several things avid casino fans should consider when picking a wallet to keep Bitcoins or any other cryptocurrency, including the overall user experience, cost, and the supported cryptocurrencies. Based on the chosen wallet, players will be allowed to swap between a different number of cryptocurrencies, set custom transaction fees, decide if they prefer using a standard wallet, or such, which boasts two-factor authentication, and so on. While making up their minds, players should also decide if they prefer closed or open-source software.

All there is to know about provably fair casino games

While placing their bets using cryptocurrencies, gambling enthusiasts can determine whether the outcomes of the game they have picked are fair using provably fair technology. Three pieces of technology are used in order for players to check if the game outcomes are not skewed against them, including hashing, seed generators, and a random number generator.

Before they go ahead with their real-money bets, gambling enthusiasts will receive an encrypted hash of the server seed, which is to say that it cannot be changed as they play. The seed is used in order to produce numbers that are then included in algorithms that will come into play while determining the outcome of the game. With games of this kind, players are the ones to add the seed, which is then encrypted, thus making it impossible for the casino to tamper with the game outcome.

This also means that auditing from independent accrediting agencies is not needed at all.

Benefits of playing casino games with cryptocurrencies

Managing your funds using cryptocurrencies while playing online has a number of benefits, and the most obvious reason why such online casinos resonate with players is that they are much more accessible. Normally, the registration process is significantly streamlined for the simple reason that gambling enthusiasts are not required to input that much information as with regular web-based casinos.

As reported by bestcasinosites.me.uk the anonymity and privacy such betting sites offer is yet another reason why players tend to stick to crypto-friendly online casinos. As they join a crypto-oriented online casino, players can eschew sharing their banking or personal data as their payments will be validated through the public blockchain.

The speed at which payments are carried out should not be overlooked, and unlike transactions carried out through regular banking solutions that depending on their direction might take several days to complete, deposits and cashouts executed through cryptocurrencies are instantaneous. Say nothing of the fact that deposits and cashouts executed through cryptocurrencies are much more cost-effective than transactions carried out using standard payment methods.

 

Staff Writer at CPO Magazine